The Economic Activity Index is a compilation of monthly data from the Fort Smith-Western Oklahoma Metropolitan Statistical Area, including retail and home sales, residential permits and value, wage and salary, employment and unemployment rates. In addition to a compilation of monthly totals, the report offers a cumulative monthly index score developed from the figures. The November report includes an index score of 91.6 for September. The figure is slightly above the 91.3 for August, and compares favorably to the 90.8 logged a year ago.

The latest numbers indicate that residential construction permits and auto sales provided the good news in the regional economy, while employment numbers, retail sales and airport traffic counts were all lower relative to a year ago.

November home sales were essentially flat, posting a 0.6 percent gain over 2011. Retail sales were down in the latest available data from October, dropping 1.8 percent year-over-year.

CBRED Director Kermit Kuehn said monthly retail sales, logged at $293 million, were lower in October after a flat performance in September, but he noted that sales were still running 2.6 percent ahead of 2011.

The report revealed that residential construction permit activity registered significant gains over last year with 102 permits pulled in November, as compared to 40 in October and 27 in November 2011.. Construction permits year-to-date are up 2.5 percent relative to this time in 2011.

According to the report, the overall non-farm employment for the Fort Smith MSA of 110,700 people employed reflected 1,100 fewer jobs in the MSA relative to 2011.

For the sixth month in a row, the manufacturing sector recorded year-over-year improvement in headcounts for November, up 1.6 percent. The trade, transportation and utilities sector also showed improvement for the month.

The report indicates that the unemployment rate dropped to 7.6 percent in November, a decline of 0.2 percent improvement over a year ago.

Kuehn pointed out that the year-over-year unemployment rate decline was somewhat misleading as the number of people employed in the region dropped by more than 5,000 while the number of unemployed dropped by only 628, based on Bureau of Labor Standards data.

“With the jobs picture continuing to show weakness as we headed into year end, as did retail sales activity, it puts a damper on any expectations for an early 2013 rebound,” Kuehn said.